USD/CAD Technical Analysis: Better bid after falling wedge breakout

Omkar Godbole FXStreet Contributor

The USD/CAD pair is gaining altitude, now trading at a seven-day high of 1.3238, having confirmed a falling wedge breakout with a close at 1.3213 yesterday.

Daily chart

The falling wedge breakout seen in the above chart represents a bearish-to-bullish trend change. As a result, the immediate resistance of the 50-day moving average (MA), currently at 1.3273 could be put to the test, albeit after a minor pullback, as the short duration charts are reporting overbought conditions.

Hourly chart

The relative strength index (RSI) is held in overbought territory above 70.00. As a result, the spot may fall back to the support at 1.3210 before extending the rally towards 1.3273, as suggested by the daily chart.

Trend: bullish

USD/CAD

Overview:
    Today Last Price: 1.3238
    Today Daily change: 0.0034 pips
    Today Daily change %: 0.26%
    Today Daily Open: 1.3204
Trends:
    Daily SMA20: 1.324
    Daily SMA50: 1.3367
    Daily SMA100: 1.3223
    Daily SMA200: 1.3133
Levels:
    Previous Daily High: 1.321
    Previous Daily Low: 1.3124
    Previous Weekly High: 1.3287
    Previous Weekly Low: 1.3069
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3177
    Daily Fibonacci 61.8%: 1.3157
    Daily Pivot Point S1: 1.3149
    Daily Pivot Point S2: 1.3094
    Daily Pivot Point S3: 1.3064
    Daily Pivot Point R1: 1.3234
    Daily Pivot Point R2: 1.3264
    Daily Pivot Point R3: 1.3319

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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